Saietta Group, the electric motor company, has announced that it has entered administration after failing to secure a deal with a potential buyer or raise enough funds to keep the business afloat.
The company, which had been conducting a strategic review of its options since February, said that it had received some genuine interest from potential suitors, but none of them offered the necessary liquidity in the time frame available.
The company also blamed its commercial update of 13th February and the subsequent market reaction for its financial woes.
Saietta, which develops innovative technologies for electric vehicles, said that it had filed a notice of appointment of administrator at the court and that it had requested a suspension in the trading of its ordinary shares on AIM, the London Stock Exchange’s market for smaller companies.
The company’s chairman, Tony Gott, expressed his deep regret for the decision and said that the company’s mission was to help clean up the air in the world’s major cities.
He said that discussions with interested parties would continue in administration, as he believed that the company’s technologies, as endorsed by its customers, may yet find a way to succeed.
Saietta was founded in 2010 and had been working on various projects, including a partnership with Jaguar Land Rover to develop a new electric motor for its vehicles.